The Saudi Advanced Industries Company (SAIC) was established as a Saudi joint-stock company in 1988 with a capital of 108 million Saudi riyals. In 2007, the capital of the company was increased from 108 million riyals to 432 million riyals. In 2015, the capital was increased to 500 million riyals, and in 2023, it was increased to 600 million riyals. The company was established with the aim of assisting the private sector in participating in the industrial development of the Kingdom in general, participating in the Economic Offset Program, and transferring advanced technologies to the Kingdom. Since its establishment, the company has participated in several companies under the Economic Offset Program, in addition to other industrial projects. Recently, it has focused on industries with competitive advantages, such as the petroleum and gas industries, petrochemical industries, manufacturing industries, building materials and related services, the housing finance sector, and various other investments.